"09 April 2014" Archive

Public Notice No. 57 (RE-2013)/2009-2014, Dated: 09.04.2014

Public Notice No. 57 (RE-2013)/2009-2014 (09/04/2014)

Notification No. 77 (RE-2013)/2009-2014 of 27.03.2014 had permitted export of the following quantities of pulses to the Republic of Maldives under bilateral trade agreement between Government of India and Government of Maldives during the period 2014-15 to 2016-17....

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Proposed New Roadmap for Implementation of Ind AS converged with IFRS

For convergence of Indian Accounting Standards with International Financial Reporting Standards (IFRSs), a Press Release (No.2/2010) laying down roadmap for application of converged Indian Accounting Standards (Ind AS) by companies (other than Banking companies, Insurance companies and Non-Banking Finance Companies) was issued on 22nd Jan...

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Posted Under: DGFT |

Hasty Recovery action may be treated as Contempt – Delhi HC to AO

A. T. Kearney India Pvt. Ltd. Vs Income Tax Officer (Delhi High Court)

The facts of this case are that the petitioner lost its appeal before the Commissioner of Income Tax (Appeal) on 20.11.2013. The revenue issued notice under Section 221 for determined demand amounts due for the AY 2007-08, which was subject matter of the appeal before the CIT (Appeals). ...

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Applicability of Companies Act 2013 to Auditor’s Report of FY 2014-15 & Onwards

As you are aware, the Ministry of Corporate Affairs, on 26th March 2014 notified a majority of the remaining sections of the Companies Act 2013, including sections 139 to 148, relating to audits and auditors.  The Act is stated to be effective from 1st April, 2014....

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Posted Under: DGFT |

Revision of audited report by CA before adoption of earlier audit report in AGM would not constitute misconduct

Council of the Institute of Chartered Ac Vs Shri G. Pattabhi Rama Charya (Andhra Pradesh High Court)

A careful analysis of Guidance Note on Revision of the Audit Report issued by the Council of the Institute of Chartered Accountants of India would reveal that it is permissible for the respondent to rectify and revise the audit report even after it is submitted. ...

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Delhi VAT – Filing of Return in Form 1 under Central Sales Tax Act, 1956

Circular No. 1 of 2014-15 (09/04/2014)

Since, the notification came into effect from 05.03.2014, the fourth quarter return for the year 2013-14 will continue in the same format as existing at the beginning of the quarter and may be filed with aforesaid blocks (R 10 & R 11). However, information pertaining to year 2009-10 and 2010-11 shall not be provided in the block R 10, sin...

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ICAI – Formation of CPE Study Circle for Members in Industry

As you are Kindly aware that ICAI has achieved recognition as a premier accounting body not only in the country but also globally, for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. ICAI’s endeavor is to update its members about the changes takin...

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Posted Under: DGFT |

Ways to Make Your Payroll Process Compliant & Error Free

In this competitive business arena, it is indeed a challenge for every organization to meet the regulatory requirements in terms of compliance. There are many government related taxes that are levied with regard to the monthly payroll for employees and in turn the organizations. The acts and laws that relate to statutory compliance also w...

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Posted Under: DGFT |

Transfer Pricing with inclusion of Guidance Note & OECD Guidelines

The obligation of an enterprise to keep and maintain records and documents vis-a-vis the duty of revenue authorities to verify about the compliance with the arm’s length principle has been succinctly stated by the OECD in their Transfer Pricing Guidelines:...

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Posted Under: DGFT |

Easy Withdrawal on closure of saving a/c maintained at Post Offices if interest payment is not involved

Notification No. GSR 220(E) (13/03/2014)

Notification No. GSR 220(E), Dated-13-03-2014 In exercise of the powers conferred by section 15 of the Government Savings Bank Act, 1873 (5 of 1873), the Central Government hereby makes the following rules further to amend the Post Office Savings Account Rules, 1981, namely:— 1. . (1) These rules may be called the Post Office Savings [&...

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